Fund services specialist ZEDRA has acquired BFCS, the fund and corporate services arm of Banque Internationale à Luxembourg subject to regulatory approval from Luxembourg's financial regulator, the Commission de Surveillance du Secteur Financier.
The acquisition will strengthen ZEDRA’s existing fund and related corporate service offering in Luxembourg, and boosts its presence in Luxembourg.
The deal reinforces its commitment to driving company growth by developing and investing in its fund administration services, according to ZEDRA.
The group has already established teams for regulated funds in Jersey, Guernsey, the Cayman Islands and Singapore.
BFCS, which has been active for more than 50 years, offers services and solutions in both the corporate and funds’ sector.
This ranges from services such as central administration for alternative investment funds, to legal secretarial, domiciliation, management, accounting, investor reporting and environmental, social and governance services.
BFCS’ clients currently include high-net-worth individuals, asset managers, investment and real-estate fund professionals making this latest deal an ideal fit for ZEDRA.
Wim Ritz, global head of funds at ZEDRA, comments: “We are very pleased to add a successful and experienced team with strong sector expertise which will further solidify the foundations of our existing funds team.”
“This is a significant milestone for ZEDRA as it will bring additional scale and expertise to our already fast-growing Luxembourg office. It underpins our view that Luxembourg is the hub and centre for excellence in the EU for fund management.”
Hans-Peter Borgh, chairman of the board of BFCS and group head International BIL Group, comments: “We see the transfer of this business activity being beneficial for our employees and clients, who join a Group’s established global network. The proud heritage, core values and long-term vision of ZEDRA made them our preferred partner.”
Borgh adds: “The partnership with ZEDRA will allow us to extend our service for our clients here in Luxembourg but also in other regions. We are bringing together the expertise of BFCS and ZEDRA’s best-in-class processes and experience in the sector with a strong objective of long-term growth.”
Upon regulatory approval of the deal, the BFCS business will be fully integrated within ZEDRA and staff will move to ZEDRA’s existing Luxembourg offices.
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